SymphonyAI, a U.S. AI firm aiding companies like Pepsi and financial institutions, plans to go public in the second half of next year, its CEO announced
SymphonyAI’s CEO, Sanjay Dhawan, confirmed that the organization is currently in discussions with financial institutions; however, he declined to provide further information regarding the specifics or phases of the preparation process.
According to Dhawan, SymphonyAI announced its intention to list publicly after achieving profitability and a revenue run rate of $500 million last year. Revenue had grown at a rate of approximately 25%.
The company, established seven years ago by tech magnate Romesh Wadhwani, anticipates that a public listing will enable it to access additional capital for mergers and acquisitions and provide liquidity to executives and employees.
According to data from EY, the U.S. IPO market has begun to exhibit signs of recovery this year, with 86 IPOs raising $17.8 billion in the first six months.
On Monday, OneStream, an enterprise finance platform sponsored by KKR, announced that it intends to raise $465.5 million in an IPO later this month. This announcement could assist other companies in determining the market value of software companies.
SymphonyAI already complies with public company compliance standards, according to Dhawan, who previously served as the CEO of publicly traded automotive AI firm Cerence (CRNC.O). KPMG audits the company and has an independent board.
He also mentioned that the listing timeline could still be subject to change based on market and business conditions.
“Publicity is a significant milestone in a journey.” Dhawan says, “We employ M&A as a mechanism to add a volume of customers that we can transform with AI once we identify a use case that we can disrupt.”
Wadhwani, the company’s chairman, is the largest shareholder after investing $600 million in SymphonyAI.
SymphonyAI, headquartered in Palo Alto, California, provides services to over 2,000 clients, including Citadel and PepsiCo (PEP.O), and opens a new tab. The company’s products continue to prioritize predictive AI despite the incorporation of generative AI capabilities.
C3.AI (AI.N), which has a market capitalization of nearly $4 billion and an annual revenue of approximately $310 million, is a competitor of SymphonyAI, which has over 3,000 employees in 30 countries.
“We want to pick very specific industries and create these turnkey solutions, which are AI based applications, for our enterprise customers,” Dhawan said.
